Exclusive: Italy's Eni enters exclusive talks to acquire Neptune Energy -sources

has entered exclusive talks to acquire private-equity backed gas and oil producer Neptune Energy after sweetening its previous offer to below $6 billion, industry sources said.

The two firms entered a new phase of exclusive discussions in recent weeks following months of slow negotiations thatEni agreed to slightly increase its offer for Neptune, which still remains in a range between $5 to $6 billion, the sources said. Though the exclusive talks indicate that negotiations have significantly progressed, there was no guarantee that an agreement would be reached, the sources said.Neptune produced around 142,000 barrels of oil equivalent per day in the first quarter of 2023, three-quarters of which is gas.

It has operations in Norway - home to Eni's Var unit - Britain, Indonesia - where Neptune shares licences with Eni - Algeria, the Netherlands and elsewhere.

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